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Sugar prices on spot and futures markets ruled divergent on Monday. On the Vashi spot market, prices ruled steady on routine supply and demand, while on futures market prices dropped on higher selling pressure. Naka and mill tender rates were unchanged with minor changes. Freight rates were steady at higher level, said sources.
A wholesaler said, “Vashi market carries more than 110-115 truckloads inventory keeping stockists away from fresh bulk buying as retailers’ demand also eased in month-end. In absence of exports or upcountry demand millers are continuously selling in local market hence enough stocks are available at market level.”
Arrivals at Vashi market was around 58-59 truckloads (of 100 bags each) while local dispatches were 58-60 truck loads. On Saturday, 17-18 mills offered tenders and sold 53,000-55,000 bags at ₹2,550-2,670 (₹2,550-2,670) for S-grade and ₹2,750-2,810 (₹2,750-2,810) for M-grade.
Bombay Sugar Merchants Association's spot rates were: S-grade ₹2,732-2,825 (₹2,731-2,825) and M-grade was ₹2,862-2,962 (₹2,862-2,962). Naka delivery rates were: S-grade ₹2,700-2,800 (₹2,700-2,800) and M-grade ₹2,830-2,930 (₹2,830-2,935).
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